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XAUUSD ANALYSIS - Update

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
We have now reached a support zone , formerly resistance as noted in the picture above. we still anticipate a break of this support level to create the next lower low which can be seen on the daily chart .

Now, the US will be reporting Home Sales and Job claims. Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. A higher than expected reading should be taken as negative/ bearish for the USD, while a lower than expected reading should be taken as positive/ bullish for the USD.

The DXY also suggest we could see a push to the up side as we have broken resistance and maybe retested. Retail Forex sentiment on myfxbook.com sees 70% of retail traders in a long position while 30% are short. My bias is Short though we are at a zone price have respected over and over again. if we can break the zone (1794 - 1790), we could eventually see the flush to 1762.50.


on the flip side there are buyers grouped at the zone (1794 - 1790) and we are expecting news so anything can happen.

Comments

lovely and well articulated
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@ebruphs thanks much
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thanks much
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